InterBay, the specialist commercial lender within OSB Group, has introduced joint legal representation as part of its enhanced conveyancing process, aiming to speed up completions for brokers and their clients across commercial, semi-commercial, buy-to-let and bridging transactions.
The move allows a single solicitor to act on behalf of both the lender and the borrower, reducing duplication and paperwork, while enabling more efficient communication throughout the transaction.
InterBay has also overhauled its conveyancer panel to reflect the skills required to support this model, removing fixed fee scales in favour of direct quotations from the broker’s chosen legal firm.
Marc Callaghan, head of commercial lending at InterBay, said: “We’re always striving to improve the service we offer across commercial, semi-commercial, buy-to-let and bridging sectors so we know that these changes will be welcomed by our broker partners.
“Not only will these changes speed up the conveyancing process but we’ve updated our panel to reflect the in-depth knowledge and expertise needed to successfully support the new process.”
Joint representation is increasingly being adopted within the specialist lending space, particularly in cases where time and cost-efficiency are paramount. Under the revised process, brokers will be able to maintain more control over legal costs, and access a faster route to completion by avoiding the delays often associated with dual representation.
Paul Debney, director of commercial finance at Karis Capital, said: “Joint representation is a great option for us and our clients. It can make the legal process more streamline, provide consistency across both parties and could be more cost-effective too.
“It’s becoming increasingly popular within the specialist space, and we’re delighted that InterBay now provides this choice.”
